NYSE-listed CareTrust REIT, which entered the UK market with the acquisition of CARE REIT in March, has now acquired two more UK care homes for $27m (鈧�23m).
CareTrust said the 265-bed portfolio was funded using cash on hand, with a 鈥渟tabilised contractual yield on the company鈥檚 investment in line with prior investment activity鈥�.
The homes are leased to an existing operator under long-term triple-net leases that include extension options and annual escalators, the company said.
James Callister, CareTrust鈥檚 CIO, said: 鈥淲e are pleased to announce our first follow-on investment in the UK since the acquisition of Care REIT earlier this year.
鈥淭his acquisition is a strong addition to our portfolio and further evidence that our pipeline in the UK continues to expand. We鈥檙e excited to keep growing our presence there alongside experienced operators.鈥�
Callister said CareTrust will continue to evaluate additional acquisition opportunities in the UK as well as in the US.
Martin Robb, SVP of investments, said: 鈥淭he UK care-home market continues to present compelling opportunities for disciplined investors. This transaction underscores CareTrust鈥檚 ability to identify and execute on high-quality opportunities in partnership with operators who share our long-term vision.鈥�
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